Data and analytics behemoth Verisk has reached an agreement to acquire behavioral data intelligence company Jornaya, the two companies announced on Tuesday.
Verisk, headquartered in Jersey City, New Jersey, will add Jornaya’s proprietary technology – which tracks consumer behavior – into its suite of products geared toward insurance and financial services markets.
Terms of the deal were not disclosed, and the transaction has not closed yet.
Verisk’s clients will now have ability to time and tailor interactions based on actual in-market behaviors, the analytics firm said in a statement Tuesday.
“The rapid growth of competition in insurance and financial services has made it more critical than ever for businesses to help consumers find the products they need with speed and ease,” said Doug Caccese, president of ISO Personal Lines at Verisk.
“Jornaya brings unique insights to consumer buying journeys and the ability to meet the evolving needs of CMOs and marketing teams. Combined with our extensive data assets and deep domain expertise in predictive analytics and decision-support solutions, this acquisition will enhance our ability to develop innovations to help our clients refine their marketing outreach, boost customer acquisition and retention, and increase profitable growth.”
Ross Shanken, founder and CEO of Jornaya, said in a statement that the acquisition will enable his team to increase its reach and drive better consumer engagement, acquisition and retention.
Venture-backed Jornaya has raised a total of $19.7 million since its founding in 2011, according to Crunchbase.
The firm has been building out Jornaya Activate, a monitoring platform that delivers behavioral data to lenders. The company told HousingWire in March that one lender, within three months of accessing the data, is monitoring aged leads and driving 14 locks per week dialing on the data. It also said a regional bank in the MidWest tracked $200,000 in revenue on recaptured loans directly attributed to Activate, and said it improved direct mail response rates for its clients.
Verisk, meanwhile, has a market capitalization north of $30 billion, and its stock has risen 30.5% year-to-date. In 2014, it sold its mortgage data firm Interthinx to First American in 2014 for $155 million.